Supers should grasp process before voting

Tuesday

Oct 9, 2012 at 12:01 AM

Editor, the Record:

Editor, the Record:

According to Michelle Bisbing, head of marketing for Pocono Mountain Economic Development Corp., "When a developer finishes project construction, all of the money used to finance the bond goes back to the taxing bodies that would have received it originally."

It is my understanding of Tax Increment Financing (TIF) that the tax increments, if any, will continue to go toward the payment of the bond/loan used to finance the development until the bond/loan is satisfied. This can be 20 years or more, making it 20 years or longer before the school district, county and township realize any monetary benefit from the development.

How will they keep up with inflationary costs during this time period? The obvious answer — by raising the taxes on those that have not received TIF.

Eldred Township Supervisors in a 2 to 1 vote agreed to elect Sharon Solt to the TIF committee, after stating that they had no knowledge of the TIF process other than what had been presented to them at their September meeting. Supervisor Gretchen Ganon Pettit was the only dissenting vote. Prior to that, Supervisor Ganon Pettit had made a motion to table the decision until the supervisors had more information; this was not seconded by either Ms. Solt or Mr. Clair Borger.

In contrast, the Pleasant Valley School Board and the Monroe County Commissioners all expressed an interest in learning more about TIF prior to being asked to join this committee.

Let us hope that common sense will prevail, and that this attempt to secure tax dollars for a private, exclusive development will fail.